Biotech Values

[10nisman]

7:49AM EYET started with an Overweight at Morgan Stanley 35.05: Morgan Stanley initiates coverage of Eyetech Pharma with an Overweight rating and a $42 target; with Macugen, firm believes that the co possesses an exciting late-stage commercial opportunity with $1 bln plus peak sales potential; with solid Phase III data in hand, a strong commercial partner (Pfizer) targeting a large potential mkt, and retention of a large share of future potential profits from sales of Macugen (50% in the U.S.), firm believes that the stock represents a compelling investment opportunity.